Air Filters and Filtration Equipment Expected to Reach $11.2 Billion Globally by 2026
Amidst the concerns of the pandemic, the global market for air filtration equipment was estimated at US$9.3 Billion in 2020, and so far, according to the “Air Filters and Filtration Equipment – Global Market Trajectory & Analytics” report, that size is expected to hit US$11.2 Billion by 2026.
The report cites a growing media focus on poor air quality, health-related issues and outbreaks to have been instrumental in shaping consumer awareness around the subject. This has further emphasized the importance of indoor air quality in industrial and commercial buildings, as well as home and schools.
The growing magnitude of air pollution and its impact on the environment and human health has also pushed worldwide governments to enact policies aimed at controlling levels of air pollution. Newer technologies, such as enhanced filtration systems being designed in response to increasingly stringent standards are expected to positively influence market prospects in the near term.
U.S. Market for Air Filters and Filtration Equipment Estimated at US$2.5 Billion in 2021
Mechanical Filters, one of the segments analyzed in the report, is projected to grow at a 3.3% CAGR to reach US$9.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gas Phase Filters segment is readjusted to a revised 2.9% CAGR for the next 7-year period. This segment currently accounts for a 10.9% share of the global Air Filters and Filtration Equipment market.
Currently, the United States holds the largest share within the Air Filters and Filtration Equipment market, estimated at US$2.5 Billion in the year 2021. The country currently accounts for a 27.07% share in the global market. China, meanwhile, is forecast to reach an estimated market size of US$2.1 Billion in the year 2026 trailing a CAGR of 5.2% through the analysis period.
Other noteworthy markets include Japan and Canada, which are expected to grow at 2% and 2.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.5% CAGR while Rest of European market (as defined in the study) will reach US$2.3 Billion by the end of the analysis period.
In the global Electronic Filters segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$629.8 Million in the year 2020 will reach a projected size of US$797 Million by the close of the analysis period.